MISSOMA’s Post

Simon Property Group continues to demonstrate that there is value in well-located #retailrealestate. Maintaining a conservative #balancesheet gives one the #flexibility to adapt your property to match #marketdemand. David Simon, chief executive of Simon Property Group, said he believes there will always be a place for well-located and -maintained malls, even really old ones. “There’s very few products in real estate that have that kind of longevity and staying power,” he said. “Malls are resilient as hell.” The most successful malls today are easy for shoppers to get to and surrounded by relatively affluent neighborhoods, but not too close to competing retail. Developers have stopped building enclosed malls, meaning existing operators don’t have to worry about a competitor opening down the road. For mall owners who can afford it, department-store closures offer the opportunity to shed big, underperforming tenants and replace them with something more lucrative and compelling to customers. REIT Academy & The Executive REIT Masterclass David Auerbach Mary Jensen Jonathan Morris Alex Pettee, CFA Craig Smith, CFA, FRICS Reagan P. Jonathan Litt Eka Gigauri Juliana H. Tom Ward #retail #mixeduse #redevelopment #HallKnowsRE

getting closer

In my opinion Princes Street is turning a corner. What some people maybe don't appreciate is that the American Candy and pound shops are temporary to cover landlords costs while waiting for statutory consents such as planning and building warrants, some of which at present are taking a ridiculous amount of time! To put into context we have an anchor retail letting we are still waiting for a building warrant for 9 months later.... Investor interest is strong in Edinburgh as well as retailer demand. Princes Street has a lot going on in the background with some pretty exciting deals under offer. We have been involved in a number of renewals and new lettings on the street recently. It will be a very different street in c. 3-5 years time. Footfall will always be high on this iconic one sided street and there will always be a demand for retail - name me a retail street with better views? You only need to walk down the street today to see that - we have the Edinburgh Fringe on at present, did you know it is the largest ticketed event in the world outside of the World Cup and Olympics - although it happens every year in Edinburgh, many retailers describe it as having 2 Christmas trading periods (some even do better in August than December). We need positive stories on Princes Street because the reality is positive for the street. Our retail knowledge of this city is extensive and if you want to find out more please get in touch ahansen@orinsen.com Andy Bain Tom Forster Joe Stephenson Deb Fey #retailexperts #retail #edinburgh #investinedinburgh #landlord #tenant https://lnkd.in/eyCkTTdV

https://lnkd.in/gVf2X2Eg Inclusive Place of Pickleball Sports & Entertainment Inc. America's oldest mall is getting a new look: pickleball, luxury apartments, a hotel, and more. Owner Simon Property Group is investing more than $400 million is being invested into suburban Minneanapolis' Southdate Center. America's best malls are having a bit of a moment right now, in large part because of the durability of luxury retailers in the e-commerce age. While consumers may be spending less time in malls than ever before, they're still buying designer items in person. While the renovation is still in progress and the long-term payoff of the bet is unclear, Southdale Center is showing promising early signs of success with a full apartment building and a hotel that commands more than $200 per night during its busy season.

Great to speak to David Walsh at The Star, Sheffield about the exciting transformation happening on Fargate. With a letting having just completed to a fashion retailer for the old H Samuel next door to M&S and another unit going under offer to a national retailer it’s clear that this iconic street is on the is turning the corner after several years of decline.   This is in no small part due to the ongoing multi-million pound works to repave the street with new street furniture, subterranean bins and event space and with a rating revaluation following a drop in rents the barriers to entry for new occupiers have reduced significantly and Fargate can be seen as an opportunity for these occupiers.   This is born out by us being involved with 5 deals on the street in the last 9 months and I’m looking forward to seeing how the street evolves and contributes to Sheffield’s continued growth.   https://lnkd.in/eNhEkf5T   #Sheffield #Fargate #Retail #Regeneration #CityCentre #BusinessTransformation

Delighted to see another strong performance from our retained client The White Company and especially with specific reference to their bricks and mortar store portfolio. The Retail Bulletin https://lnkd.in/e9sytA46 Since 2022, The White Company have focused once again on expanding their physical store presence. SPACE Retail Property Consultants have successfully acquired two standard format stores in Glasgow - Silverburn and Victoria Square Belfast and a further six small format stores in Farnham, Hitchin, Market Harborough, Marlborough, Ringwood and St Andrews in that time. In our experience and despite a seemingly turbulent market in some sectors, there is still value and demand in the strongest High Street and Shopping Centre locations. Best in class occupiers can perform strongly where investor landlords are prepared to work collaboratively with their occupier tenants on leasing structures that support the occupier’s business rather than overload them with fixed costs. This is especially important in new market opportunities where the occupier has no previous trading experience or history. The White Company will open its next smaller format store in Morpeth at Sandersons Arcade on the 22 May 2024. For further information on our client requirement see the attached circular or contact myself or Peter Leverett BSc MRICS MBA with details of other suitable opportunities; Josh Porter Josh.porter@space-rpc.com 07823 885242 Peter Leverett Peter.leverett@space-rpc.com 07860 967430 #Innovative #Authoritative #Friendly #Independent #Retail #Property #Advisors

Finally a true value-add deal! Excited to have Columbiana Station in the market, which offers rare upside in nearly 100K SF to lease up, 10 separate parcels for exit optionality and several mark-to-market opportunities. Our team looks forward to chatting about this one with you... CBRE’s National Retail Partners is pleased to offer the opportunity to purchase Columbiana Station, one of Columbia, South Carolina’s premier large format shopping centers anchored by PetSmart, Dick’s Sporting Goods, Michaels, Havertys, Planet Fitness and Regal Cinemas (Shadow). Columbiana Station is approximately 76% leased and presents an exceptional opportunity to add value through the lease up of 91,015 SF of space including two adjacent junior anchor spaces that can be leased separately or as a single suite, amounting to an estimated base rent increase of $1.2 M. CBRE projects 44% NOI growth (9.60% CAGR) over 5 years primarily through lease-up. The property is also comprised of 10 separate parcels, providing flexible exit or finance strategies. The property contains 374,753 SF of retail, restaurant and service uses in the heart of a 3.2 million SF, regionally dominant shopping hub with the top regional mall in the MSA. Additional national tenants at Columbiana Station include Bonefish Grill, DXL, Humana, Honey Baked Ham, and 5-11 Tactical. Mike Burkard Kevin Hurley Adam Russ Erin Varol Joe Morrison #NRPSE

🛍️✨ Retail Building Ownership Chronicles! 🏬 Whether it's a cozy boutique or a bustling shopping center, owning a retail property is a journey filled with unique stories. Share your experiences or aspirations as a retail building owner below! 👩💼🛒 #RetailOwnership #RealEstateInvesting #ShopOwnersUnite

"It's worth making the case that #Sunderland is a city that deserves a Marks & Spencer and has good reasons for keeping one". You can watch the ITV Tyne Tees News report about the proposed closure of the city's M&S here, including comment from me 👇 Realistically, the level of investment that the current old building needs to meet modern requirements is unlikely to stack up financially, and we can't really see its closure as a great surprise. After all, M&S's strategy right now is focused on major city centre flagships (Newcastle, Liverpool, Birmingham) alongside major retail park stores, and Durham, Darlington and Middlesbrough are among the North East high-street stores already closed. However, against the backdrop of this bad news is a great opportunity to remind people of all the regeneration that is taking place in Sunderland right now (https://lnkd.in/e-f_AT9a) - the Elephant Tea Rooms, the railway station, 1,000 new homes on the Riverside (https://lnkd.in/e689ZcuE), Culture House, the list goes on. M&S might not have a future in its current building, but it's hard to conceive that a city centre store of some kind - even a food hall - could not be a fantastic success in a Sunderland that is so rapidly evolving and improving. #retail #highstreet #highstreets #evolvingnotdying